Personal tax rates budget 2012-13

Friends, the following is budget highlights for DT and IDT

DT :

the proposed personal tax rate (DTC) rates for individuals applicable for year 2012-13 are as follows :

Income                                                                         Rax rate

upto Rs. 2,00,000                                                         Nil

2,00,000 to 5,00,000                                                    10%

5,00,000 to 10,00,000                                                 20%

> 10,00,000                                                                    30%

since there is no other announcement, it seems that the same rates will be applicable for women assessees' and senior citizens.

No change in corporate tax rate

Infra bond limit increased from 30,000 to 60,000

Deduction for expenditure on preventive health check-up upto Rs. 5,000

STT decreased by 20 % from .125 to .1

IDT

service tax  increased from 10 to 12%

Excise duty increased from 10 to 12%

Basic custom duty 10% no change

baggage exemption for adults      25,000 to 35,000

children upto 10 years of age        12,000 to 15,000

Service tax, excise common registration

Negative list inroduced in service tax

Regards, 

CA Shakuntala Chhangani